Did you know a cyber attack can take out your business? Some people become bankrupt after the repercussions of a cyber attack. It’s not an exaggeration to say that hackers ruin people’s lives.
Companies are heavily investing in security compliance management. This measure protects your business from hackers.
You may have heard about a high-profile cyber attack in the news. Hackers infiltrated Target’s customer data in 2013. These hackers stole data from over 110 million customers.
Hackers also made out with the personal data of 360 million MySpace users in 2016. No company is safe.
Some hackers repeatedly attack the same companies. Cyber attackers initiated a four-year cyberattack campaign against Marriott starting in 2014. They stole the personal data of over 500 million customers.
These cyber-attacks are scary. However, they present more significant obstacles for small businesses.
Corporations have the financial muscles to brush off these attacks. However, a small business can shut down overnight and never open again.
Wondering why you should consider an IT security compliance manager? We’ll share six reasons why you should look into cybersecurity compliance.
#1: You Save Money In The Long Run
Do you know what happens if you get attacked by a hacker? Most people think about losing data.
Hackers gain access to sensitive information. Hackers can blackmail you and keep critical records private. They can continue blackmailing you as long as they have this information.
Some hackers shut down major software and systems. These hackers will demand a ransom. If you pay up, they will restore everything as it once was.
A blackmail or ransom payment will cost more than cyber security compliance management. Some businesses go bankrupt because these coercions cost substantial money.
A security compliance manager does not guarantee safety. Cyber hackers rely on human error to enter systems. However, you can reduce the amount of human error and address cyber attacks in real-time.
Some companies leave their door wide open. They make it easy for hackers to enter at will. You can close loose ends and make it difficult for hackers to infiltrate your business.
#2: Security Compliance Management Keeps Customers
Getting hacked is a big deal. Not only can hackers obtain your data, but they can also obtain your customers’ data. Breaches make your customers hesitant to continue doing business with you.
Some companies will consider keeping a cyberattack under the rug. Knowing the publicity will hurt them, some companies may conceal the attack.
However, keeping a cyber attack to yourself is illegal. After getting hit with a cyberattack, a business must notify all customers. They must explain what information the hackers obtained and keep everyone updated.
You are legally obligated to tell customers about a cyber attack. Some customers will quickly delete their data from your system.
Countries have imposed various cybersecurity laws in the past few years. These laws set standards for how companies must protect their customers’ data.
Failure to comply with cybersecurity laws results in hefty fines. The effort to enforce rules around customer data makes sense.
Consider the data customers provide. You may have home addresses and dates of birth in your system. Even the slightest breach can rupture years of trust.
A security compliance manager helps to prevent this scenario. Securely protecting customer data will build trust. They will confidently buy your products and services.
#3: Cyber Attacks Can Get Personal
A hacker can find many sensitive documents during their exploits. We already covered how they can ask for blackmail or ransom payment. However, hackers can also get personal.
A hacker can discover your home address and know your customers’ locations. This information in the wrong hands can get deadly.
While no one anticipates this scenario, the world contains many dangerous people. Hackers can find sensitive information and hunt down victims in real life.
It’s a gruesome scenario, but we’re not dealing with ethical people. Some hackers will take every possible measure to receive payment. You don’t want to bear that fear and responsibility on your shoulders.
A security compliance manager will protect you and your customers from this fate. Business owners more easily recover from cyber-attacks than their customers.
#4: Security Compliance Management Knows The Rules
How do you protect your company from cyber hackers? What happens after you get attacked?
You may not know the complete answers to these questions. A security compliance manager can guide you every step of the way.
Protecting yourself from hackers goes far beyond changing your password every few weeks. This measure represents a mere starting point.
You can enable two-factor authentication to add an extra layer of protection. This authentication sends an expiring password to each user. Hackers will need the password and code to access someone’s account.
Security compliance management can also monitor your cloud software. Restricting access to essential files provides fewer entry points.
They also remove fired employees from your company’s system. Some cyberattacks happen from within the company’s walls. If you don’t revoke access to former employees, one can go rogue.
Employees should get access to basic company files. You should carefully guard files with sensitive information.
You can apply various strategies to boost cybersecurity. However, a security compliance manager can do it for you.
A manager can review your existing systems. They can detect and patch vulnerabilities.
The most secure companies perform routine patches across their systems. Patches reveal entry points and close them before hackers find them.
Some business owners continue putting off cybersecurity efforts. Delaying these protections can lead to a devastating cyber attack in the future.
#5: Security Compliance Management Cultivates Accountability
Cyber attackers infiltrate systems due to human error. Many people fall victim to phishing schemes.
A single loose end can take down your entire company. Security compliance management cultivates accountability rather than leaving your employees in the dark.
They educate employees to help the company stay safe. Managers assign tasks such as changing the password every 4-6 weeks. These tasks don’t take much time, but they save significant money.
Accountability can rub off in other areas. Team members can keep each other accountable for company objectives.
Cybersecurity efforts get your team members talking. This dialogue builds community and fosters growth.
The danger affects everyone in many ways. A hacker can gain sensitive information from every employee.
Employees will discuss ways to stay safe. They will take cybersecurity more seriously.
This environment will help breed a more robust company culture. Employees will care about each other and their well-being. They may experience greater mental health knowing everyone is on the same team.
When they work towards cybersecurity, they learn to work better as a team. Your employees will learn to communicate more effectively with each other. Accountability births higher productivity, a staple for any successful company.
#6: Get More Business Deals
More companies prioritize cybersecurity. These companies have security compliance management keeping them safe. They also institute various protective measures.
We have discussed how cyber attackers rely on human error to infiltrate systems. Businesses have become more conscious of who can access their data. This rationale has affected business deals.
Some business deals fall through because one partner is not cyber compliant. They do not have enough safety measures in place to protect data.
When businesses enter partnerships, data travels across both entities. When companies do a cross-promotion, they each obtain data from the other business.
Some partnerships end with one partner getting hacked. Even though the other partner was not compliant, it hurts your reputation.
Customers will question why you initiated the partnership in the first place. Some customers will never trust your business gain. Some customers may stick around but never trust business partners.
Few businesses will want to work with you if your partner gets hacked. They do not want to take that risk. They may worry your business is vulnerable.
Security compliance management gives partners more trust in your cybersecurity measures. However, you must also conduct your homework. You don’t want to partner up with a company with weak security.
Protect Your Reputation
Security compliance management helps preserve your company’s reputation. You become safer and less prone to a cyber attack.
A single cyberattack can knock out your business. Surviving businesses will lose customers and their reputations.
New customers will shy away from providing sensitive data. A business with fewer customers and lower conversion rates may suffer for a long time.
Net Depot helps your company stay safe. We provide managed services that save time and reduce risk.
Your company’s future depends on cybersecurity. Keeping the hackers out of your system lets you keep your customers.
Get in touch with us today to see how we can help. Your company’s reputation is worth it.